Tag Archives: Fannie Mae

Fannie Mae maintained its position as the largest source for multifamily financing in 2012 after providing $33.8 billion to the sector.

Commercial and multifamily originations increased 24 percent from 2011 to 2012, according to the Mortgage Bankers Association.

The last few weeks have seen a deluge of new rules from the Consumer Financial Protection Bureau (CFPB) and other regulatory agencies, but a new report from the U.S. Government Accountability Office (GAO) says the reform process is still coming along slowly. As of the end of 2012, GAO estimates regulators have issued rules for approximately 48 percent of the Dodd-Frank provisions that call for them. Most of the effective deadlines for those rules have not yet been reached, the agency says.

U.S. Senator and Senate Banking Committee member Bob Corker (R-Tennessee) warned federal regulators Tuesday to stick to simplified, synchronized lending rules in order to avoid driving out private capital. Corker specifically pointed to the qualified residential mortgage (QRM) rule, which includes an exemption on risk retention for loans sold to Fannie Mae, Freddie Mac, and the Federal Housing Administration (FHA)--an exemption Corker believes may drive lenders away from the private market.

A recent report from Harvard University's Joint Center for Housing Studies argues for more flexibility for the Federal Housing Administration (FHA). Under direction of a congressionally appointed advisory board and CEO, the new "FHA Corp." should be free to enact its own hiring process, manage its own budget and adapt to market changes "without Congress legislating each change or mandating numerous complex or inconsistent rules and regulations," researchers suggest.

Fannie Mae's multifamily issuance increased nearly $10 billion from 2011 to 2012, the GSE announced.

Fannie Mae and Freddie Mac approved National Mortgage Insurance Corporation as an eligible mortgage insurer.

Bank of America and Citigroup both released their fourth-quarter earnings Thursday, revealing the scars their legacy mortgage issues have left. BofA reported net income of $732 million, a significant decline from $2 billion in Q4 2011. The bank did better on a year-long scale, coming in at $4.2 billion (well above its $1.4 billion income in 2011). Legal expenses also weighed down profits at Citigroup, though the company did manage to come out ahead on a yearly basis with a $1.2 billion profit in Q4.

According to commentary from Daniel Dektar, chief investment officer at Smith Breeden Associates, all the fundamentals are in place for a housing upturn - if pent-up demand can actually translate into buyer interest.

Bank of America and Fannie Mae reached a $10.3 billion agreement Monday to resolve repurchase claims on loans originated from 2000 through 2008.